Going to college can open doors, but getting there isn’t cheap. For the 2023-2024 school year, families reported spending an average of $28,409 on college, according to
a national Sallie Mae study. With tuition, fees, books, housing, and other expenses, the cost of higher education can quickly add up.
The good news? There are ways to pay for college without burying yourself in debt. But it’s important to plan ahead and know your options. From financial aid and scholarships to side hustles and smart budgeting strategies, here are some of the best ways to make college more affordable.
1. Apply for Free Federal Student Aid (FAFSA)
The
Free Application for Federal Student Aid (FAFSA) is your gateway to almost all forms of financial aid, including federal grants, student loans, and work-study programs. Many state and school-based aid programs also rely on FAFSA data. It’s free to fill out, and you should complete it every year as early as possible since aid is often awarded on a first-come, first-served basis.
2. Research (lots of) scholarships
Scholarships are essentially free money since they generally don’t need to be repaid. Start by applying for scholarships in your area, from community groups, high schools, and local businesses. Next, consider county and regional financial aid opportunities. Then, expand your search to national databases like the College Board.
EarnIn Tip: Don’t wait until your senior year to start, and keep applying throughout college. Many scholarships renew each year or are open to current students.
3. Use federal and state grants if you qualify
Grants don’t need to be repaid and are often based on financial need. The most common is the Federal Pell Grant, which can provide thousands of dollars each year. Your FAFSA determines eligibility for most federal and state grants. Some states also offer their own grants and tuition assistance programs, so check your state’s education website to see if you’re eligible.
4. Consider work-study and on-campus jobs
The Federal Work-Study program allows eligible students to earn money for college through part-time jobs. These roles are often on campus and flexible around class schedules.
Even if you’re not eligible for work-study, on-campus jobs or community-based positions can help offset personal expenses while keeping school a top priority.
5. Choose an affordable school
While it’s important to choose a school that offers your desired major and will give you an excellent experience, cost is likely also top of mind as you make your college decision. In-state public universities and community colleges typically have much lower tuition rates than private or out-of-state choices. Be sure you compare the net cost after financial aid (not just sticker prices) when evaluating schools. It’s also important to understand the financial trade-offs of going to a more expensive school if you need to use student loans.
EarnIn Tip: Another possible way to save could be to start at a community college to meet your general education requirements, then transfer to a four-year university that offers classes specific to your major.
6. Tap into 529 college savings plans
If a parent or guardian has set up a 529 plan, those funds can be used for qualified education expenses like tuition, fees, books, and more. These plans offer tax advantages and can be a great way to reduce the amount you need to borrow.
7. Look for employer tuition assistance
Some employers offer tuition reimbursement or scholarships for employees and their children. Companies like Starbucks, Amazon, Target, and others have education assistance programs you may qualify for, and certain employers even have programs that
pay off student loans for you.
EarnIn Tip: If you’re already working, ask your employer if they offer tuition support, which can help offset education costs while gaining work experience. You might also decide to get a job after graduation in an industry that may qualify you for student loan forgiveness.
8. Explore federal student loans
If you need to borrow, start with federal loans. They typically offer lower interest rates, more flexible repayment plans, and protections like deferment or forgiveness options.
There are two main types:
Subsidized loans. With a subsidized loan, the government pays the interest while you’re in school, meaning your loans won’t start accruing interest until you graduate and enter the repayment period.
Unsubsidized loans. Be more cautious before taking on an unsubsidized loan since interest starts accruing right away and can cause the loan amount to be much higher by the time you reach graduation.
Before you jump in and apply for student loans, make sure you consider how you’ll repay them. The average borrower takes
20 years to repay their student loans, which may require you to press pause on working toward other financial goals when you get out of school.
9. Consider private loans only as a last resort
Private loans — such as those from Sallie Mae or College Ave. — can fill the gap if you’ve exhausted all other options, but they often come with higher interest rates and fewer repayment protections. Before borrowing privately, compare lenders, understand terms, and explore federal student loans first.
10. Get a part-time job or start a side hustle
Earning your own money during college can help with tuition expenses or other daily needs, including textbooks, food, or transportation.
Look for flexible roles like:
On-campus jobs at the library or student center that allow you to work around your class schedule.
Freelance work online doing design, writing, or tutoring with flexible hours, including nights or weekends.
Gig work, like dog walking or driving for a delivery app, that you can pick up when you know you’ll have a block of free time.
Working even a few hours a week can reduce your reliance on loans and help you pay for college.
Other ways to reduce college expenses
Planning how to pay for college is an important step, but reducing what you need to pay is just as critical since it can limit the amount you’ll need to borrow or earn from other sources.
Here are a few strategies to cut your overall college costs.
1. Earn college credits in high school
Taking Advanced Placement (AP), International Baccalaureate (IB), or dual-enrollment classes at a community college during high school can save you time and money in college. Passing these classes with qualifying scores may allow you to skip introductory college courses, so you can avoid paying tuition for them.
2. Live at home or off-campus
Room and board can sometimes cost more than tuition. Living at home or in an affordable off-campus apartment can significantly reduce your expenses. As you look for inexpensive housing, consider the trade-offs, including commute times and transportation costs, and talk to other students to see if you could split rent with one or more roommates as a way to cut the costs even further.
3. Buy used or digital textbooks
New textbooks can cost hundreds of dollars per semester. Save by renting, buying used, or going digital. Websites like Chegg, Amazon, and campus bookstores often have affordable textbook options. Some classes also offer open-source or free online materials. Ask your professors or other students who have taken the class before to see if a new textbook is required.
4. Apply for financial aid appeals
In some cases, your family’s financial situation may change once you’ve applied for or received financial aid. Whether it’s a job loss or unexpected medical bills, you can appeal your aid package with clear documentation of the reason. Reach out to your college’s financial aid office for additional support if you find yourself in this situation.
5. Look into no-loan schools
Some colleges, particularly private institutions with large endowments, offer no-loan financial aid packages. That means they meet your full financial need with grants and work-study — not loans. Schools like Princeton, Stanford, and Amherst are among them. Search for “no-loan colleges” when building your college list.
FAQs
Do colleges look at household income?
Most colleges consider your household income when determining your financial aid package. This information, reported on the FAFSA or
CSS Profile, helps schools calculate your Expected Family Contribution (EFC) and decide how much need-based aid you may receive.
Do parents who make $120,000 still qualify for FAFSA?
Yes. There is no income cutoff for FAFSA eligibility. While a $120,000 income may reduce your chance of receiving need-based federal grants, you could still qualify for federal student loans, work-study, and school-specific aid. It often makes sense for families to fill out the FAFSA to explore all available options.
What's the cheapest way to pay for college?
The cheapest way to pay for college is to combine need-based grants, scholarships, community college, and in-state tuition. These methods may reduce or eliminate the need for loans and minimize out-of-pocket costs. Living at home and earning college credits in high school can also make college more affordable.
How do you get a full-ride scholarship?
Full-ride scholarships are competitive but possible. They are awarded based on academic excellence, athletic skill, leadership, community service, or specific talents. Start early, keep your grades up, and search for opportunities through your school, community, and national scholarship databases.
How do low-income families pay for college?
Low-income families often rely on a mix of federal and state grants, scholarships, work-study, and affordable schools. Programs like the Pell Grant and no-loan colleges can significantly reduce or eliminate tuition costs. Filling out the FAFSA early is key to accessing these resources.
Make smarter financial decisions with EarnIn
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loan options before you borrow. When you pair it with budgeting tools like EarnIn’s
Tip Yourself, you can easily save money from each paycheck and use it for school-related expenses — or to have a little fun. Start planning your path forward and take control of your education and your financial future.
